Skip to content
General News, Property Real Estate

Has the housing market peaked? Perhaps not so soon

RMIT University 2 mins read

The housing market gets hotter with the weather, but this summer buyers are facing higher mortgage rates and ongoing cost of living pressures. An RMIT property expert explains the current housing market trends for homebuyers.

Topics: housing, RBA, cost of living, inflation, housing market, homeowners, first-homebuyers, housing demand, supply, NHFIC

Dr Peng Yew Wong, Senior lecturer in the School of Property, Construction and Project Management

“Spring and summer tend to be more popular months to sell (and therefore buy) homes. If you’re looking to buy property, you may have noticed a lack of homes for sale during winter. Now that we’ve entered the warmer months, we are likely to see increased activity in the property market.

“This year we are experiencing a market trend not witnessed in Australia since the 2008 Global Financial Crisis.

“Instead of the much-anticipated downturn caused by high cost of living and high mortgage repayments, house prices continue to perform strongly – consistently registering positive growth since the beginning of 2023. CoreLogic housing data showed prices rose 0.8 per cent nationally in September 2023 and Australian house prices are expected to hit a new record high in the final quarter of 2023.

“This will present a difficult conundrum for homebuyers, and especially prospective first-homebuyers.

“Our past decade research findings show that the key drivers for the Australian housing market continue to evolve. Although foreign investment represented a significant housing market driver during the 2010s, it had little impact on house prices growth during the COVID-19 pandemic lockdown period. The significant hike experienced during the COVID-19 pandemic was instead driven by market liquidity and low interest rates during the period of expansionary monetary and fiscal policies in the nation.

“This year, the key driver for the housing market is undoubtedly the shortage in housing supply. The National Housing Finance and Investment Corporation (NHFIC) estimated that household demand in Australia will grow from 10.7 million to around 12.6 million in 2033 and showed housing supply is already in a shortfall condition, with the supply to household formation balance to be a cumulative negative, in the territory of a -106,300 balance over the next 5 years.

“House prices shall continue to go from strength-to-strength into 2024-25 in the midst of high inflationary pressure, due mainly to the housing supply shortage.

Dr Peng Yew Wong is a senior lecturer in the School of Property, Construction and Project Management at RMIT University. His key research efforts centre on exploring the key determinants in the Australian and global residential and commercial property markets.


Contact details:

Interviews: Dr Peng Yew Wong, (03) 9925 1419 or peng.wong@rmit.edu.au 

General media enquiries: RMIT Communications, 0439 704 077 or news@rmit.edu.au

More from this category

  • Education Training, Property Real Estate
  • 01/03/2024
  • 16:46
NSW Fair Trading

New options to keep assistant agents in the property services industry

1 March 2024 The NSW Government has offered more than 14,000 assistant agents the chance to apply for an extension of their certificates of registration. These agents, in real estate, stock and station and strata management, will get another 12 months to complete their training and continue working while they finish their qualifications, ensuring residential tenants and landlords continue to receive vital property management services. In March 2020, substantial reforms were introduced to the Property and Stock Agents Act 2002, placing almost 22,500 assistant agents on a four-year certificate due to expire on 22 March 2024. They can now apply…

  • Contains:
  • General News, LGBTQIA
  • 01/03/2024
  • 09:00
Australian National Maritime Museum

LGBTQIA+ SEA: Collecting Australian Queer Water Stories

1 MARCH 2024 Collecting Australian Queer Water Stories The Sydney Gay and Lesbian Mardi Gras is widely celebrated every year. This year the Australian National Maritime Museum is launching a research program to highlight queer maritime histories. This program will explore the experiences of LGBTQIA+ people living and working on our seas, rivers, lakes, and waters. The Museum is inviting people to share their stories (anonymously if preferred) for our archive and for an exhibition in 2025. They could include experiences in the navy, merchant marine, travel and tourism, on wharves and ports and in surf-lifesaving, swimming and sailing communities.…

  • Contains:
  • Community, General News
  • 01/03/2024
  • 06:01
Ahmadiyya Muslim Community

Imam of Adelaide’s Largest Mosque opens doors for Iftar Dinner on Sunday, March 17

The Imam of Mahmood Mosque, Imam Kamran Tahir, is inviting all members of the community to an Iftar Dinner at Mahmood Mosque. The Iftar, represents the breaking of the fast, and is marked by Muslims every day during the Holy month of Ramadan. Date: Sunday 17th March 2024 Time: 6.15pm (The breaking offast(Iftar) will happen at 7.31pm and will be followed by a complimentary dinner) Address: Mahmood Mosque (6-8 Toogood Avenue Beverley SA 5009) The program will include an Interfaith symposium where Abrahamic Faith leaders will talk about the concept of Fasting in their respective religions, which will be followed…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.